News listings

energy-pedia general news

Mongolia flagMongolia

Central & SE Asia / Australasia >>> Mongolia

Petro Matad announces final results for year ended 31 December 2019


15 Jun 2020

Photo - see caption

Petro Matad, the AIM quoted Mongolian oil explorer, has announced its audited final results for the year ended 31 December 2019. All dollar values are expressed in United States dollars unless otherwise stated.

Operational Highlights

  • Three wells in Block XX, Heron-1 and Gazelle-1 in the northern part of the block and Red Deer-1 in the southern area, were completed within the 2019 drilling season and within budget.
  • All three wells found oil shows, with Heron-1 declared a discovery after recording one of the highest flow rates recorded in Mongolia with 821 barrels of oil per day (bopd) produced during drill stem testing, achieved without use of artificial lift or fracking, in what the Company believes are commercial quantities.
  • Gazelle-1 found two thin oil pay zones however due to the onset of winter weather the well was suspended as a potential oil discovery without being tested and so will be fully evaluated in the future, Red Deer-1 was plugged and abandoned with no oil pay zones detected.
  • Application made for an Exploitation Licence covering the Heron and Gazelle discoveries which will allow the Company to move into development and production.

Post period end

  • The Block XX Exploitation Licence application continues to progress through the government's approval process and is now with expert auditors appointed by the Ministry of Mining and Heavy Industry.
  • Plan of Development documentation is nearing completion and will be ready for submission to the Ministry once the Reserves Report has been approved.
  • The Company applied for and has been granted moratoria on Block V and Block XX which stop the clock on the Exploration Periods of the respective PSCs. The moratorium on Block XX avoids the possibility of the exploration period expiring in July 2020 before the Exploitation Licence has been granted by the Mongolian government.
  • The impact of the Covid-19 pandemic on Petro Matad's activities has been limited as Government ministries have been open and functioning as normal throughout. The Company is liaising with the authorities and taking all precautions to ensure the safety of its staff and contractors.

Financial Highlights

  • As at 31 December 2019, the Group's cash position was $4.3 million, including Term Deposits (Financial Assets) (31 December 2018: $21.3 million)
  • The Group's current cash position is $2.3 million, which in conjunction with previously announced cost saving measures will be sufficient, in absence of new fundraising, for the Company to operate until the end of Q1 2021. Implementation of additional cost saving measures would extend this to the end of Q2 2021. Importantly, the Company has retained sufficient key staff to remain in an operational ready state.
  • The Group's net loss after tax for the twelve months ended 31 December 2019 was $16.8 million (31 December 2018: loss $18.4 million)
  • No dividends have been paid or are proposed in respect of the year ended 31 December 2019 (2018: Nil).

About Petro Matad

Petro Matad is the parent company of a group focussed on oil exploration, as well as future development and production in Mongolia. At the current time, Petro Matad holds 100% working interest and the operatorship of three Production Sharing Contracts with the Government of Mongolia. Block XX has an area of 10,367 sq kms in the far eastern part of the country and Blocks IV and V have an area of 29,062 sq kms and 21,143 sq kms, respectively, in the central western part of the country.

Click here for full announcement

Source: Petro Matad





Bookmark and Share


A global information service for upstream oil and gas opportunities - divestitures, farmins and farmouts and licensing rounds.


Subscriber Only Deals

Current Deals

Current Upstream Deals: 363

Completed Deals

Completed Upstream Deals: 5791

Company Profiles

Current Company Profiles: 2737

Corporate Activity

Current Corporate Activity articles: 3541

Companies Looking

Current number of articles: 442

Company Sales

Current Company Sales articles:1438

Geostudies

Current Geostudies articles: 754

How to subscribe

energy-pedia Jobs

RSS Feed Widget
See all jobs...


energy-pedia Databank

The energy-pedia databank contains links to information on the world financial and energy markets, including share prices, oil and gas prices and the global stock exchanges. Read more...



energy-pedia Glossary

A list of commonly used terms in the oil and gas industry. Read more...

Subscribe

Subscribe to the FREE
energy-pedia Daily Newsletter
Subscribe

Union Jack Oil 149
OPC
Government of South Australia
KL Publishing
energy365
Bayphase
SLR Consulting logo
Rose & Assocs 149
Geoespace
About energy-pedia

energy-pedia news is a FREE news service written and edited by E and P professionals for E and P professionals.

We don't just report the news, we give you the technical background as well, with additional information derived from our unique energy-pedia opportunities service.
Contact us

energy365 Ltd

238 High Street
London Colney
St Albans
UNITED KINGDOM

Tel: +44(0)1727 822675

Email: info@energy-pedia.com